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Requirements To Start A Business|Helpful Illustrated Guide

Requirements To Start A Business|Helpful Illustrated Guide

Eight things that you need to do when you're first starting out with your business as might be a home-based business that might be something else but these are the eight things that you need to do


These are the eight things that you need to do if you're virtuous just starting out in business so there's many people that are out there starting home-based businesses in these days and a lot of them frankly are probably doing it wrong


Here you know some of the things that you need to think about if you're first starting out with your home based business this might be everything from an e-commerce business,Blog,YouTube channel whatever you're starting and hoping to make money


Making money from to a Consulting business to you know, may be you were working for a company and then you decided to stop working and you went home and you're trying to figure something out or something else that you want to do to make money whatever it is today i want to talk to you about taking that idea that you have for that business and what you need to do legally to protect that idea and how to build it into something truly special that can help earn income so that hopefully you don't have to go back 


1. Come Up With A Brand Name

when you're starting out your business you have to pick a name for your business this is the the most important thing when you're just getting started if you're especially trying to build a brand 


You might want to come up with something unique or different so first thing you have to do before you start is protecting the name is you got to come up with a thing So that's first thing and we are starting to think coming up for a name one of the things you may want to think about doing is doing a search of all the online platforms to make sure that nobody else is using that name


So you're gonna want to search Google you want to search the US patent and trademark office website you want to do a search on Facebook and search on all the social media platforms that are out there and you want to make sure that the name that you're choosing for your business is actually available so that you can use that name and then you can start claiming all those online properties as well


The other great place you want to check is Every state has a secretary of state i know you shouldn't be confusing this with the Secretary of State United States on a federal level every state has a secretary of state and the that secretary of state is typically responsible for managing the corporate records for that state and so you want to check their website


They usually have an online database regardless of what state you're in and make sure that the name you're choosing is not already taken in that state in a state where you live or in the state where you're going to be doing business 


You're overseas or something assuming that your name is available you want to go ahead and register as a DBA that's a doing business as in your state and the reason you want to do that is so that when it comes time to actually form an LLC or Corporation or something else that you want to do that name will be reserved and nobody else would have come in and taken it other thing 


You may want to think about doing is filing what's called an intent to use application with the US patent and trademark office you can't actually get a trademark until you're actually using the name or the logo OR Whatever It is in Commerce in other words that you're selling products with that name you can't register a trademark until you're doing that


At this point since you're only in the exploratory stage and you're just coming up with a name you may want to think about if you can have something that's really great you have to go ahead and register that with the US patent and trademark office and you're going to file what's called intent to use application that's going to tell them that you intend to use this name income or some the future and you're basically reserving that name


2. Open Business Bank Account

The second thing you have to go ahead and open up business bank accounts is really important because this is how you're going to keep track of all your business expenses and any income you may earn at this point you don't need to go ahead and apply for an employer identification number with the IRS 


Just you can open up this business bank account in your name with the DBA that you're using and just use your own personal social security card just tell the bank you're opening up as a sole proprietorship so you can go ahead and do that


Now before you've actually formed an LLC or corporate event and then what you want to do is you want to deposit some of your own personal money into that account and you can use that bank account then you can get a debit card and you can use that to pay for all the supplies web properties 


Get your blog started whatever you need to do you can you can invest in the business personally and then you can use that money to basically pay for all your startup costs whatever those might be


You can also use that account to start receiving things like affiliate sales from you know, Sheriff sale or Amazon Affiliates or wherever you might be getting affiliate sales from,you can deposit that money into that account that's a great way 


3. Incorporate your business

Number three is you have to go ahead and incorporate your business now this you're going to do after you've actually validate your idea after you're actually starting to earn some revenue from the business then at this point you want to incorporate the business 


4. Licensing

The next thing you want to do is you want to check and make sure you don't have to get any type of special license in your state or the locality where you're living and operating your business some states or cities or counties or whatever may require you to get what's called a privilege license or business license or something like that or you may have to register in some other way with your local taxing Authority


So let them know that you're operating a business that is especially true ,if you're operating business out of your home and you made it do that now chances are that's not gonna be necessary but for a lot of people it could be necessary like if you're doing a coaching business where you started a gym or you did something like that there could be certain Health regulations that you would have to follow


If you know for me as a lawyer I have to apply for privilege license each year and those are just that's part of the cost of doing business So that's something that you need to do is you want to make sure that you've comply with all the local rules and statutes and whatever where you live and make sure you're getting those permits and licenses lawfully run your business otherwise, you can get yourself a trouble 


5. Contracts

The next thing you want to do is make sure that you get your contracts in place So this is especially important if you're going to be bringing on clients, you want to have client contract if you're going to be hiring independent contractors


You have a contract for them if you're going to be doing a web-based service you want to make sure you have terms and conditions and the privacy policy on your Website,or you're going to be having some trouble membership program you want to make sure you have a contract for that


These are all really important things that you're going to need to incorporate into your business and so you want to make sure you have these in place


7. Insurance

The next step is to purchase adequate insurance now his is something that's really important is something that's often overlooked, but it's really not that expensive for example if I'm renting here in case something would happen to that or he's somebody would come in here and get hurt in this building I have a 1 million dollar policy It's not that expensive is somewhere between three and four hundred dollars a year really not a big deal, but if you're offering Is this where you're going to have people over to say your house or someplace else or you're going to be doing work for them


You want to make sure you have some sort of liability policy in place in case you make a mistake when you hear about people that are bonded and insured that's what they mean,they've got a bond they post a bond in case something bad happens they're also ensured cover that also check and make sure if you have more than three in North Carolina


If you have more than three full-time employees, you need to get workers comp insurance other states the requirements may vary so you want to check that too if you have full-time employees


If you have independent contractors not a big deal, but be careful because IRS does look at independent contractors very carefully and if you have somebody as an independent contractor who's actually an employee the IRS is not going to happily on that so be very careful about that as well


8. Build Your Professional Team

The last step is start to build your professional team tis is where you're going to start to hire a Ministry of assistant to help you out with the day-to-day operations of your business you have to hire a virtual assistant to your website or your marketing 


So Markings are hiring a local marketing assistant that can help you put on events network with other people and do seminars and things like that the word about what you do I know a lot of us start out and we really want to build this online business,But chances are you have more than enough business where you are locally


When you start out tapping into those local networks and doing a lot of prospecting locally is probably the best way to go about you bring on more clients team members help you service those clients so that you can do by marketing and bring on even more


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